A few days ago, AdEspresso – an ad tech company based in Milan and San Francisco – and Hootsuite – a social media management company headquartered in Vancouver, with offices from London to Singapore, from Bucharest to Sydney – announced that AdEspresso is joining the Hootsuite family. This is fantastic news for both, and I want to celebrate this moment myself as a mini-angel, because together with a small group of angel investors, notably Andrea Rota, I backed AdEspresso starting in 2013.
It is true that AdEspresso was accelerated at Dave McClure’s 500 Startups in late 2013, and that the special sauce in the San Francisco Bay Area was an important ingredient in brewing the deal. But Ryan Holmes, Hootsuite’s CEO, is passionate about rekindling a tech future in Canada. Massimo Chieruzzi and Armando Biondi, AdEspresso’s founders, point out that the AdEspresso product and design are “Made in Italy”, and the company has always kept its Italian heart.
Are we at the point where we will see more deals like this? Digital platforms with hundreds of millions, soon to be billions, of people using them every day are indeed based in the Bay Area (and in China). But while they are creating unprecedented wealth concentrated in their corner of the world, they also create unprecedented opportunity for companies to be built by “riding the tiger” of those platforms, pretty much from anywhere. The Bay Area has a huge concentration of talented and ambitious people; but it does not have a monopoly on ideas, on technical talent, on the ability to serve customers, on hustle, on grit. I would not be surprised at all if the next Hootsuite and the next AdEspresso were born out of Poland, India, Portugal or Ireland.
In the meantime, congratulations to Massimo, Ryan and Armando (pictured below) and a few more of my thoughts on the deal (in Italian) in these media interviews:
- Storia di AdEspresso (AGI)
- Startup, adesso gli “americani” comprano anche in Italia (EconomyUp)
- Exit AdEspresso, gli angel italiani (StartupItalia!)
Image: Massimo Chieruzzi (AdEspresso), Ryan Holmes (Hootsuite) and Armando Biondi (AdEspresso) celebrate the announcement.